Project Management

Governance and Control: Focus Risk Management on Multiple Levers of Control

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Executive Summary

Most CFOs have been trained in the disciplines of "Internal control," which were usually concerned with setting clear authority levels, ensuring correctly managed financial processes, and meeting audit best practices. But this whole subject has exploded onto the corporate agenda in the wake of high-profile governance scandals and the ensuing Sarbanes-Oxley legislation. New descriptive terms have come to the fore including "Risk management," "Uncertainty management," and - more recently - "enterprise risk management." The knowledge and expertise required of CFOs has expanded dramatically. They are now expected to also be chief compliance- and risk officers rolled into one.

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